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Women’s Financial History is About More Than a Month…

Women’s Financial History is About More Than a Month…

March 28, 2023

The month of March marked Women’s History Month, a time to honor the many contributions women have made, from scientific advancements to literary achievements. There is one area, however, where women have historically lagged behind: Saving for retirement.

At One Financial Services, we know there are many contributing factors as to why women can end up with fewer retirement savings than men.

Women are often caregivers for their families often having primary responsibility for raising children or taking care of elderly or disabled family members. These duties can result in working only part-time or putting in fewer hours on the job.

To maintain the flexibility they need for their families, a percentage of women are self-employed or work for small businesses that do not offer the benefits of corporate employment.

And then there is the wage disparity which still exists. According to the Institute for Women’s Policy Research, as of 2021, women earned only 83% compared to their male counterparts.

Retirement planning calls for just that…planning. Your One Financial Services advisor will work with you to look at your current financial needs and analyze those of the future. Are you currently working off a budget…do you know where your money goes each month? Are you taking advantage of every possible opportunity to save and every tax deduction to which you’re entitled? No matter how much you earn are you saving something in an IRA or if self-employed a SEP account?

In addition to saving for retirement, you will want to consider your social security benefits and how they will fit into your plan. And there’s the consideration of medical expenses and long-term care.

Commemorating women’s history isn’t just about what women have accomplished in the past, it’s also about where women are headed in the future.

Our One Financial Services team is here to help you navigate the present and move comfortably into the future.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.